华兴银行 (PFBC) 2026财年第三季度业绩电话会：存款增长，净息差为3.49%

Preferred Bank（NASDAQ: PFBC）公布2026年第三季度净利润为3290万美元，即每股收益2.73美元。业绩中包含210万美元的利息收入冲回，拉低了报告的净息差。

要点速览

• 净利润为3290万美元，合每股2.73美元。
• 净息差为3.49%。管理层表示，剔除210万美元的利息收入调整后，净息差本应为3.60%。
• 尽管面临来自银行、非银行机构和美国国债的激烈竞争，存款仍较上季度增加7700万美元，即增长1.2%。
• 在一笔大额信贷资产转入待售状态后，贷款减少了4000万美元。管理层表示第四季度的储备贷款项目充沛。
• 分类资产总额为1.776亿美元，包括1150万美元的其他收回不动产。法院诉讼程序继续拖延部分非应计贷款的化解进展。
• 管理层将第四季度非利息费用指引定在2300万美元至2400万美元之间。

核心财务数据

业务与经营业绩

贷款余额下降的原因是意外提前还款、发放量较第二季度放缓以及一笔大额信贷资产转入待售状态。部分储备贷款项目有所延迟并推迟至第四季度。管理层表示，虽然有其他客户在以更具吸引力的价格评估投资机会，但高利率使部分借款人在推进项目时更为审慎。

存款吸纳依然困难。管理层表示，客户一直在将银行存款产品与证券公司提供的高利率以及在加利福尼亚州购买美国国债的税收优势进行对比。该行在优先保持定价纪律的同时将总存款成本降低了3个基点，管理层承认这可能限制了存款增长。

费用下降的主要原因是与问题贷款相关的专业服务费和法律费用减少，以及盈利能力下降后绩效薪酬计提额降低。

管理层业绩指引

管理层预计第四季度非利息费用为2300万美元至2400万美元。

在延迟放款和新发放贷款支撑下，公司预计第四季度贷款增长步伐将有所加快，但未提供具体的量化贷款增长目标。

管理层预计存款竞争将持续到2027年。管理层还表示，由于 Preferred Bank 具有资产敏感性，更高的联邦基金利率将有利于净息差，同时指出整体利率环境相对稳定。

风险与核心关注点

• 随着客户不断权衡银行、证券公司及美国国债的收益，存款定价竞争依然十分激烈。
• 较高的利率正导致部分借款人推迟或重新考虑项目。
• 非应计贷款的化解慢于管理层预期，原因在于数笔信贷资产仍处于破产法院诉讼程序中。
• 尽管抵押品价值和贷款抵押率（LTV）对追偿形成支撑，但处置时机在很大程度上取决于法院的裁决。
• 管理层表示信贷资产下迁已经放缓，但仍有新增2000万美元贷款在保持应计状态的同时被降级为次级贷款。

分析师问答亮点

Preferred Bank 在第四季度到期的定期存单（CD）略低于170万美元，加权平均收益率为3.81%。管理层预计续存利率大约在3.75%至4.00%之间。

管理层预计在加息情景下的存款贝塔系数将低于降息时期。其首要任务仍是控制资金成本，即便这会限制存款增长。

数笔大额问题贷款可能会在第四季度处置完毕，但时间仍取决于破产法院的审理进展。若延误持续，该行可能会采取止赎程序并直接处置资产。

管理层表示，季末存款余额为第四季度提供了一个合理的起点。平均余额与期末余额之间的差异，在很大程度上反映了季度末经纪存款到期与新增的时间点。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and welcome to the Preferred Bank Third Quarter 2026 Earnings Conference Call.

[Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference call over to Jeffrey Haas of Financial Profiles. Please go ahead.

Jeffrey Haas

Thank you, Drew. Hello, everyone, and thank you for joining us to discuss Preferred Bank's financial results for the third quarter ended September 30, 2026. With me today from management are Chairman and CEO, Li Yu; President and Chief Operating Officer, Wellington Chen; Chief Financial Officer, Edward Czajka, Chief Risk Officer, Nick Pi; and Deputy Chief Operating Officer, Johnny Hsu.

Management will provide a brief summary of the results, and then we will open up the call to your questions. During the course of this conference call, statements made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions that may or may not prove correct. Forward-looking statements are also subject to known and unknown risks, uncertainties and other factors relating to Preferred Bank's operations and business environment, all of which are difficult to predict and many of which are beyond the control of Preferred Bank.

For a detailed description of these risks and uncertainties, please refer to the SEC required documents the bank files with the Federal Deposit Insurance Corporation, or FDIC. If any of these uncertainties materialize or any of these assumptions prove incorrect, Preferred Bank's results could differ materially from its expectations as set forth in these statements. Preferred Bank assumes no obligation to update such forward-looking statements.

At this time, I'd like to turn the call over to Mr. Li Yu. Please go ahead.

Li Yu

Thank you. Good day, everyone. Preferred Bank's third quarter net income was $32.9 million or $2.73 per share. This quarter was negatively affected by a $2.1 million recovery of interest income. Deposits grew $77 million or 1.2% on a linked quarter basis as everybody is already aware of that the deposit market is very, very competitive. Looking forward, this condition will likely go into the year 2027. The banks are now not only facing more competition from nonbank institutions, but also strangely, we see many of our customers deposit -- invest extra funds into the treasuries.

Loans for the quarter decreased $40 million after we placed a large credit on the for sale status. Unlike at the beginning of the third quarter when we reported in our last conference phone call, but this time, our pipeline seems to be very solid, and we're very hopeful that in the fourth quarter to have a good solid growth.

As we reported earlier, the net interest -- net interest income was affected by a reversal of interest income, and that has affected our net interest margin. This quarter, net interest margin reported 3.49%. Without this $2.1 million adjustment, it would have been 3.60%.

Going forward, we see a stable interest rate market condition. If the Fed fund is going to adjust higher then it will further benefit our net interest margin as we, Preferred Bank, is an asset-sensitive bank. Resolution of nonaccrual loans is continuing but slower than what we hope for. The level of nonaccrual remains stable, largely because several credit was scheduled to be resolved in this quarter are stuck in the court proceedings that has pushed it back to third and fourth quarter -- fourth quarter next year.

The pace of migration seems a slowdown or subsided. There were only $20 million of additional credit that was classified as substandard that remain on accrual status. The rest of them are all have been included in the non-accural number. We are pleased with our consistent cost control of overhead even under a very inflationary period. And we are constantly looking for opportunities to gradually improve our noninterest income. And with the outlook of a strong 2027 economy and relatively stable interest rate environment, we're looking forward to a good 2027 year. Thank you. Ready for your questions.

Operator

[Operator Instructions]

The first question comes from Matthew Clark with Piper Sandler.

分析师问答

Matthew Clark

I wanted to start on the deposit side. Maybe, Ed, can you update us on how much in the way of CDs you have maturing here in the fourth quarter and the weighted average roll-off and roll-on rates that you expect?

Edward Czajka

Yes. We have just under $1.7 million maturing in the fourth quarter. So it's a fairly heavy quarter from a maturity standpoint. Weighted average yield is 3.81%. Those are likely to come on anywhere between 3.75% to 4% as they roll over.

Matthew Clark

Okay. So not that big of a headwind there. And then do you happen to have the spot rate -- your deposit cost spot rate at the end of September, if not the month of September?

Edward Czajka

Yes, I do. Total deposit cost was 3.06% for the month of September and the spot margin was 3.58%.

Matthew Clark

Okay. And then deposit beta, I think, on the way down was about 69%. Any thoughts on what you might experience on the way up this time, assuming you get maybe another rate hike in December and maybe one in March?

Edward Czajka

Definitely slower, Matthew. As you can see, we were able to decrease total deposit costs by 3 basis points in very, very difficult rate environment. So I think part of what you see in terms of the deposit growth versus deposit costs was a function of management's discipline toward keeping the deposit costs down, although that likely cost us some growth in the quarter. Our focus is on keeping the costs under control.

Matthew Clark

Okay. And then just a couple on credit. Do you have the criticized loan balance at the end of September, I think it was $170 million at the end of June. And then how much of your NPAs do you think you can get rid of by the end of the first quarter? And any concern around losses there?

Nick Pi

Yes. Matthew, the total classified loan was $177.6 million, which covers classifieds plus $11.5 million OREO, so which is around $17.7 million above what we just disclosed for nonaccrual. So that's the classified loans. So for our solutions side, I believe during the fourth quarter, as Mr. Yu mentioned, that some of the loans actually is in the BK court, but we do believe all these BK proceedings is heading in the right direction and several BK court approved to sell the property in BK court. If that's continued delay, then probably we're going to foreclose and we're going to dispose by ourselves.

So hopefully, by Q4, there will be a couple of large loans will be disposed. However, it still depends on the court decision. So sometimes, even though the collateral property has a good loan to value, and we can fully recover. However, we have to subject to our BK Court's proceedings, and we do have options for handling that as well.

Operator

The next question comes from Andrew Liesch with StoneX Financial.

Andrew Liesch

A question on the loan growth here in the quarter. Were there outsized paydowns? Just what was the cause of the more modest pace of growth than what you might have been expecting?

Li Yu

Do you want to comment about that, Wellington?

Wellington Chen

Yes, Andrew. The loan growth is a combination of both the payoff. We had some unexpected payoffs and also production is -- it wasn't as robust as the second quarter production. But having a lot of loans that's in the pipeline, kind of delay in funding and all that, so it does carry over to this quarter. And that's why we're looking at the fourth quarter together with the new loan production looking at a stronger pipeline.

Andrew Liesch

Got it. Have you had any customers telling you that they may delay projects that may not pencil in face of higher rates?

Wellington Chen

That is the case, too. I mean, with the higher rate, people are a little bit more conscientious about the project itself. But also having said that with the market itself a higher rate, they're actually looking for more option on the opportunity to pick up some better deals.

Andrew Liesch

Got it. And then expenses were very well controlled this quarter, down quite a bit from the second quarter. Anything unique in that number? And where do you think a good jumping off point or a good starting point for the fourth quarter would be?

Edward Czajka

Yes. So we had a decrease in professional services, primarily legal fees, which are typically associated with the problem loans. And then our incentive compensation accrual was lower this quarter than it was in the prior quarter due to profitability being slightly less. On a go-forward basis, I would say for Q4, look for somewhere between $23 million and $24 million, Andrew.

Operator

[Operator Instructions]

The next question comes from Andrew Terrell with Stephens.

Andrew Terrell

Maybe just a housekeeping on the deposits. It looks like a lot of the deposit growth maybe happened towards the end of the quarter, just comparing the end of period versus the average. Anything that you feel like it was more transitory in the deposit base at the end of the period? Or is this the end of period number kind of a good launch point in the fourth quarter?

Edward Czajka

No, it's a good launch point for the next quarter, Andrew. There's nothing magical there. A number of the broker deposits, we have specifically maturing and coming on late in the quarter as opposed to early in the quarter. So that's why you see a bit of a discrepancy between the quarterly average and the month end -- quarter end balance.

Andrew Terrell

Okay. Great. I appreciate it. And then just wanted to get your views on just overall kind of deposit growth in this environment. I appreciate all the color on the loan side. But it sounds like a tougher deposit market, just your views on ability to kind of core fund growth and what kind of cost?

Li Yu

Well, Andrew, the market situation with the deposit pricing is all over the place. You are probably familiar with what bank is posting generally in the 3s for TCDs, okay, because money market and interest-bearing DDAs, it's all over the place. Everybody has a different view with every customer. But on the TCD, which is generally more available information, the banks are in the mid- to high 3s. But all the security houses is in close to mid-4s. And some of them, the latest we see E*TRADE is offering 4.75, okay? And right now, because of Treasury nature is being not taxable in California income tax, which is a 13% top rate. So a 5% Treasury became 5.65% effective yield, okay? So we see many of the customer take up after their CD renewed, they are moving to Treasury. So this is the general market is moving right now with all the interest rate environment, it's all over the place, okay? We just have to do everything we can just hold on to our customers, and meanwhile, try to grow a little bit.

Operator

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Li Yu for any closing remarks.

Li Yu

Thank you -- well, it's an eventful third quarter for us. We hope that fourth quarter, we'll see operation equally as consistent as we have right now, but hopefully, this -- many of the items we're working on will show positive results. Thank you.

Operator

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.